Friday, 19 December 2014
Last updated 52 min ago
Mar 20 2007 | 11:05am ET
Ayferafet Yalincak, the mother (and co-conspirator) of the New York University student who claimed to run a multi-million dollar hedge fund, has been sentenced to two years in prison for her role in her son’s hedge fund scam.
Yalincak, who pleaded guilty last year to conspiracy to commit wire fraud, argued that she too was a victim of the scheme, in which her son, the now-22-year-old Hakan, charmed wealthy investors into placing money with him, which he never invested. He even went so far as to donate $1.25 million to NYU, and pledged another $20 million to the university.
“I have the uneasy feeling today of not really knowing what should be believed and what should not be believed about this defendant," said U.S. District Judge Janet Bond Arterton, referring to the 52-year-old Yalincak.
Meanwhile, Hakan, who posed as an heir to a wealthy Turkish family, faces up to five years in prison and is set to be sentenced next month.
Following their release from prison, both Yalincaks face another ordeal: possible deportation to Turkey.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.